“Nigeria Must Invest $100bn Annually for Infrastructural Development” Says Soludo

Governor Charles Soludo of Anambra State has stated that Nigeria needs to invest $100bn annually for the next 30 years to bridge the infrastructural deficit in the country.

Soludo made the comment while speaking at the 2023 annual lecture organised by the Nigerian Academy of Engineering.

According to him, the Federal Government needs to double its spending from two to three per cent of the Gross Domestic Product (GDP) to over 10 per cent to bridge the country’s massive infrastructure gap.

Citing the 2014 National Integrated Infrastructure Master Plan, Soludo noted what needs to change in infrastructure development in the country is for the government to target a minimum of 8-15 per cent of GDP in public infrastructure investment per year for the next ten years.

The former Central Bank of Nigeria governor lamented that Nigeria’s infrastructure stock was estimated at 20-25 per cent of GDP, which was less than the international benchmark of 70 per cent of GDP.

He underscored the necessity for the Federal Government to adopt a disruptive and decisive approach accompanied by a specified timeframe.

Speaking on flooding issues ravaging the country, Soludo advised President Tinubu to deploy mechanisms to successfully manage the problems of coastal flooding, infrastructure gaps, and gully erosion.

He added that Infrastructure Regulatory Framework should be a federation body rather than a Federal Government affair, unleashing private participation through significant concession, privatisation, and market-priced infrastructure funding.